Future Capital Holdings (FCH) IPO was subscribed 3.69 times on the first day of opening. The issue received bid for 2.36 crore equity shares as against 64.22 lakh shares on offer. The price band for the IPO has been fixed between Rs 700 - 765 per share and the issue will close on 16 January 2008. The issue would constitute 10.16% of the post-issue paid-up capital of the company.
FCH is the financial services arm of the Future Group. It is currently in three primary businesses: investment advisory services, retail financial services, and research.
The proceeds of the issue would be deployed against its consumer credit business Future Money, which was launched in June 2007.
Pantaloon Retail (India) currently holds a 74% stake in the company, while the hedge fund Och Ziff Capital holds 10%. Co-promoters Sameer Sain and other senior employees hold the remaining stake.
Post issue, the promoters holding will come down to 74.5%, from 83% currently. Pantaloon Retails 61% holding in Future Capital will come down to 55%.|